The Joint Center for Housing Studies at Harvard University researches housing in the United States to analyze the dynamic relationships between the housing market and economic, demographic and social trends. As this relationship is paramount to relocation, RelocateAmerica looks forward to the annual release each June.
In short, the 2010 report looks remarkably similar to the 2009 report.
The study concludes:
“Even as the worst housing market correction in more than 60 years appeared to turn a corner in 2009, the fallout from sharply lower home prices and high unemployment continued. By year’s end, about one in seven homeowners owed more on their mortgages than their homes were worth. Additionally, seriously delinquent loans were at record highs and foreclosures exceeded two million. Meanwhile, the share of households spending more than half their incomes on housing was poised to reach new heights as incomes slid. The strength of job growth is now key to how quickly loan distress subsides and how fully housing markets recover.”
The most recent job growth report from the US Department of Labor indicated a slight decline in unemployment. Many economists forecast that job growth will continue to slowly improve in 2010 and 2011. The movement from temporary to more permanent work is also a promising statistic and a way for employers to wad rather than take the plunge. Will these factors be enough to help create a more positive economic balance? Time, as usual, will tell.